Social gaming mogul Zynga, the creator of FarmVille and Mafia Wars, has been busy luring over rival executives and buying up smaller developers over the past few months. Now the studio has shown they are truly serious about competing with the big boys, as they’ve filed an IPO with the Securities and Exchange Commission.
Hipsters be warned. Zynga is no longer independent. The company is starting to sell shares in an attempt to raise over a billion dollars. Here’s what founder and CEO Mark Pincus had to say in a letter to prospective investors:
“Dear potential Zynga shareholders, I’m proud and excited to be writing this letter to you today. Our strategy from the beginning has been to build the biggest macro bet on social gaming to provide our players with the most accessible, social and fun games. Despite our rapid growth, we have been careful to build for the long term. I’ve always thought of this journey as being a series of sprints that make up a marathon.”
With net income of $90.6m in 2010 backed up by almost one billion dollars in cash, Zynga has shown the profitability as well as the cash flow that make it an attractive bet for investors bullish on the future of social gaming.